Are Two Appraisals Needed During A Divorce?2 Comments
The answer really depends on your individual situation. What most of our clients do is just order one appraisal when divorce proceedings are getting close. If the husband and wife can agree on the value then there is no need for a second appraisal. In cases where they can not agree on the value, the husband or wife order a second independent appraisal from a different appraiser and agree on a value in-between the two appraisals. Another reason why you might need two appraisals in a divorce is if you had an appraisal completed when first considering to get divorced and several months have passed between then and when you are getting ready to finalize the divorce. Over this time period values could have drastically changed and you will want the most current appraised value. Appraisals are usually only good for three months.
Below is short story appraisers & clients are confronted with during a divorce:
Rick, an appraiser, received an unfortunate, but important phone call from a client. Sean T. had called Rick to have his home appraised. At the time, he and his wife, Suzette, lived there together. However, they were considering separating and possibly getting divorced. They wanted Rick to give them an accurate value of their property so that they knew how to proceed if they filed for divorce.
A year later, Sean and Suzette decided to get divorced. Sean called Rick the appraiser again to ask if another appraisal was needed since a year had passed since the first appraisal and now he and Suzette were beginning court proceedings. Sean wanted to stay in the home and buy his ex-wife out.
In this case it is best to have your home valuated again since the value of the home has most likely changed over the past year. Because the market changes, the home’s sale price should be comparable to the time of the divorce. A year is a long time when it comes to real estate sales.
Getting independent appraisals for each party:
Also works well because if there is any type of court issue, the judge could settle on a number that is in the middle of the two varying evaluations.
To begin with, the home is normally one of the most important financial gains to consider in a divorce. For many, it may also be the most emotional. This is why it is of the utmost importance to make sure your appraised value is timely and your appraiser is specialized in these procedures.
Splitting assets fairly when a marriage breaks down is not an easy task. Most couples are not even sure about the basics of how real estate is divided in a divorce.Tags: appraisal, appraisal divorce, appraisal questions, appraisal sale, Appraiser During Your Divorce, appraiser questions, divorce, does your appraiser, home appraisal, home value, property appraisal, real estate appraisal, two appraisals, what is an appraisal
Categorised in: Blog, Reasons To Get An Appraisal
This post was written by Joseph Castaneda
OK so, My soon to be ex husband and I legally separated (date of separation dec 2018, I filed papers january 2, 2019)…I paid for an appraisal dec 30, 2018. He avoided service until May 2019. Its now October 2019 and he is asking for another appraisal. WHY??? The date of separation and december appraisal should stand. Correct? Why get another appraisal? Especially since house is in my name and I had it before the marriage. We were only married 2 years 10 months. The date of separation and december appraisal should stand. Correct? Why get another appraisal?
That is a decisions for your lawyer & or judge to decide what the effective date of the appraisal should be. If home prices went up or down during that time period it might be to your advantage to get a new appraisal.